China's industrial profits suffer biggest slump in 2024

China's industrial profits swung back to a sharp contraction in August for their biggest decline in 2024, official data showed on Sept 27, adding to a recent spate of bleak business readings that point to mounting pressure on the economy.

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Profits plunged 17.8 per cent in August from a year earlier following a 4.1 per cent increase in July, while earnings rose at a slower 0.5 per cent pace in the first eight months compared with 3.6 per cent growth in the January to July period, according to the National Bureau of Statistics (NBS).

The slump in August was due to factors such as "the lack of effective market demand, the greater impact of natural disasters such as high temperatures, heavy rains, and floods in some areas", said NBS statistician Wei Ning.